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CORE PRINCIPLES FOR REGULATING THE UNITED STATES FINANCIAL SYSTEM
February 3, 2017
the power vested in me as President by the Constitution and the laws of the
Section 1. Policy. It shall be the policy of my Administration to regulate the
(a) empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth;
(b) prevent taxpayer-funded bailouts;
(c) foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis that addresses systemic risk and market failures, such as moral hazard and information asymmetry;
(d) enable American companies to be competitive with foreign firms in domestic and foreign markets;
(e) advance American interests in international financial regulatory negotiations and meetings;
(f) make regulation efficient, effective, and appropriately tailored; and
(g) restore public accountability within Federal financial regulatory agencies and rationalize the Federal financial regulatory framework.
2. Directive to the Secretary of the Treasury. The Secretary of the Treasury
shall consult with the heads of the member agencies of the Financial Stability
Oversight Council and shall report to the President within 120 days of the date
of this order (and periodically thereafter) on the extent to which existing
laws, treaties, regulations, guidance, reporting and recordkeeping requirements,
and other Government policies promote the Core Principles and what actions have
been taken, and are currently being taken, to promote and support the Core
Principles. That report, and all subsequent reports, shall identify any laws,
treaties, regulations, guidance, reporting and recordkeeping requirements, and
other Government policies that inhibit Federal regulation of the
Sec. 3. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
DONALD J. TRUMPTHE WHITE HOUSE.